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Holiday Bonanza: Dangote Reduces PMS Price to N899.50k

Prince Odutola4 days ago4 days ago03 mins

Dangote Petroleum Refinery has reduced the price of its Premium Motor Spirit (PMS) product to below N900 per litre, to provide much-needed relief for Nigerians ahead of the holiday season. Africa’s first privately-owned oil refinery, which previously lowered the price to N970 per litre on November 24, has now announced a new price of N899.50 per litre. This reduction is designed to ease transport costs during the festive period. In a statement issued by the Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, the company also introduced a special offer to further benefit consumers. In addition to the holiday discount, Dangote Petroleum Refinery is allowing consumers to purchase an additional litre of fuel on credit for every litre bought on a cash basis. “To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM. Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank,” said Chiejina. The refinery also expressed its gratitude to Nigerians for their continued support as the country enters the festive season. Chiejina further emphasised the refinery’s commitment to ensuring Nigerians have access to premium quality petroleum products that are competitively priced, as well as environmentally and engine friendly. He highlighted that the refinery’s operations mark the end of Nigeria being a dumping ground for substandard and ‘blended’ imported products, which have posed significant risks to human health, machinery, and the environment. The Dangote Refinery, with a capacity of 650,000 barrels per day (BPD), is the largest single-train refinery in the world. It is fully capable of meeting 100% of Nigeria’s refined petroleum product requirements, with a surplus available for export.

NLC condemns increase in petroleum pump price

Prince Odutola2 months ago2 months ago03 mins

The Nigeria Labour Congress (NLC) has condemned the increase in the price of Premium Motor Spirit (PMS) by the Nigerian National Petroleum Company Limited (NNPC Ltd). NLC President, Comrade Joe Ajero stated this in a statement issued on Wednesday. The statement reads; “We are dismayed by the latest increase in the pump price of petrol. “It looks like the only thing this government is known for is increase in the pump price of petrol without commensurate capacity of Nigerians or mitigatory measures. “Even following the logic of market forces , we find it an aberration that a private company (NNPCL) is the one fixing prices and projecting itself as a hegemonic monopoly. “We challenge the government to go to the drawing board and present us with a blueprint for an inclusive economic growth and national development instead of this spasmodic ad hocism and palliative policy. “It needs no stating the fact that the latest wave of increase has grossly altered the calculations of Nigerians once again at a time they were reluctantly coming to terms with their new realities. “It will further deepen poverty as production capacities dip, more jobs lost with multidimensional negative effects. “In light of this, we urge the government to immediately reverse this rate hike as previous increases did not produce any good result. People only got poorer. “But more fundamentally, the government should be bold enough to tell Nigerians in advance the destination it wants to take the country.” The Nigerian National Petroleum Company Limited (NNPC Ltd) on Wednesday increased the price of Premium Motor Spirit (PMS), otherwise known as Petrol of fuel from N855 to N998 per litre. It was gathered that the increment has been initiated across all NNPC Ltd filling stations. The new development is a 12.7% or N113 increase from the initial price.

Dangote Refinery denies selling PMS at N898

Prince Odutola3 months ago3 months ago02 mins

Dangote Refinery has denied selling Premium Motor Spirit (PMS) otherwise known as petrol to the Nigerian National Petroleum Corporation (NNPC) at N898. The Group refuted the claims in a statement on Sunday. The statement reads; “Our attention has been drawn to a statement attributed to NNPCL spokesperson, Mr. Olufemi Soneye, that we sell our PMS at N898 per litre to the NNPCL. “This statement is both misleading and mischievous, deliberately aimed at undermining the milestone achievement recorded today, September 15, 2024, towards addressing energy insufficiency and insecurity, which has bedeviled the economy in the past 50 years. “We urge Nigerians to disregard this malicious statement and await a formal announcement on the pricing, by the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by His Excellency, President Bola Ahmed Tinubu GCFR, which will commence on October 1, 2024, bearing in mind that our current stock of crude was procured in dollars. “It should also be noted that we sold the products to NNPCL in dollars with a lot of savings against what they are currently importing. With this action, there will be petrol in every local government area of the country regardless of their remote nature. “We assure Nigerians of availability of quality petroleum product and putting an end to the endemic fuel scarcity in the country.”

Dangote Refinery begins operations, dishes out PMS

Prince Odutola3 months ago3 months ago02 mins

The Dangote Refinery on Sunday began operation as they release the first set of Premium Motor Spirit (PMS) also known as petrol. In a post on their official X handle, the Group wrote; “HAPPENING NOW: First set of trucks set for loading of PMS at the Dangote Petroleum Refinery.” Earlier last week, the Vice President, Downstream, NNPCL Adedapo Segun revealed that the Dangote Refinery will receive additional 17.8million barrels of crude oil as part of the Federal Government push to drive local production of petroleum products. According to Adedapo, 6.8million barrels in 7 cargoes of crude oil will be delivered to Dangote Refinery in September, while another 11 million barrels will be delivered in November. Contrary to media reports that Dangote Refinery will only sell products to NNPCL as sole off taker, Adedapo said that Dangote will sell products to other marketers once the market conditions are right for them to play, adding that NNPCL for now will act in public interest as provider of last resort as provided for in the Petroleum Industry Act.

NNPCL set to supply Dangote Refinery 17.8m barrels of crude oil

Prince Odutola4 months ago4 months ago02 mins

Vice President, Downstream, NNPCL Adedapo Segun has revealed that the Dangote Refinery will receive additional 17.8million barrels of crude oil as part of the Federal Government push to drive local production of petroleum products. Adedapo stated this on AriseNews Morning Show on Thursday. It was gathered that the state owned oil company has supplied 30 million barrels of crude to the refinery to start its operation. Dangote Refinery announced early in the week, at a press briefing addressed by its Group Chief Executive, Aliko Dangote, that it is now ready to release its PMS to the market. According to Adedapo, 6.8million barrels in 7 cargoes of crude oil will be delivered to Dangote Refinery in September, while another 11 million barrels will be delivered in November. The VP Downstream further revealed why NNPCL is the sole importer of PMS in the country, noting that market conditions have not made it possible for independent marketers to bring in products as a result of forex illiquidity and pump price that is far below landing cost. Contrary to media reports that Dangote Refinery will only sell products to NNPCL as sole off taker, Adedapo said that Dangote will sell products to other marketers once the market conditions are right for them to play, adding that NNPCL for now will act in public interest as provider of last resort as provided for in the Petroleum Industry Act.